Criticism of the WTO are often based on the fundamental misunderstanding

international-trade
cbse

#1

“Criticism of the WTO are often based on the fundamental misunderstanding of the way WTO
works”. In the light of this statement, state certain disadvantages that India may face after becoming the member of WTO.


#2

The following disadvantages India may face after becoming the member of WTO
(i) Focuses on Developed Nations :WTO focuses more on the interests of developed countries.
(ii) Price Rise: WTO agreements are likely to cause a hick in the prices of drugs and agricultural inputs.
(iii) Danger to Service Sector: Service sector in India is less developed than in developed countries. Thus, inclusion of trade will become the problem for service sector.
(iv) Not Really Free Trade: World trade has not really opened up. Developed countries are
imposing more restrictions than underdeveloped countries.